barney said:Howdy Snake, You nominated this could happen over 2 weeks ago. That is impressive analysis. The volume on the downtrend has been fairly consistent to date, so until we see some evidence of the slide abating, it looks like it will continue, Apart from the price of oil dropping are there any other fundamental reasons why it is diving like this?
I guess its a sit and wait for a reversal scenario now. Its too late to short, and its too early to try and pick the bottom (imo).
Iv'e had a few stocks with charts like this ........... not pleasant when its happeningAll the best to any current holders, Barney.
A technical opinion for you:
MAYBE:
Support at $2.18
Trendline rejection at $2.45
It keeps tanking to test $2.18
....maybe.
eMark said:G'day Snake
Think about it. It's a reactionary statement (3 words, first letter of each). Not acceptable on this forum.
eMark
It's Snake Pliskin said:Emark,
Pretty much deduced that. I was looking for some comment on the price and what you have to say about it - like discussion.
LifeisShort said:I don't know about you guys but there hasn't been any negative news coming from the company quite on the contrary....lots of positive exploration etc. The Negativity is more based on the oil price, plus the US is apparently going to raise royalties on petroleum/gas so companies like Petsec, Woodside will be affected. If you are looking long term then Petsec looks good.
The capital rasing at $2.40 per share.....What capital are they hoping to raise when the on market price is around 2.12?
Interesting times for PSA. After presentation by chairmen valuing the company by brokers at $2.40 to $3.00
Up a 14%
Theres a fair bit of upside on this still if the brokers reports valuations come true.
The downward trend may have been broken today, but unlikely. I dare say theres a few people going short on this one still.
Buying now is better than buying at the top I guess.
The top is hindsight correct. Only tomorrow that matters. I used some profits to get into it.
Just going through a few broker reports, at current prices, PSA still seems undervalued. However its out of favour.
I picked up 1000 shares just as a bit of a gut feeling, I have another oil/gas play in ARQ, add to my long term list. No plans on trading it.
I don't like buying a stock in a down trend, but this one looks very undervalued, with a fair bit of potential long term. The downtrend will turn at some point with this one I feel, and everything was pretty upbeat today.
I got in at $1.545 so will just hold and if it falls a bit more no harm in getting another 1000.
Fundamentals have this trading on a very low PE.
I am going to make a very bold statement, and say that the worst of PSA has been felt, and that there is now more upside than downside.
Reasons that it was oversold, and its true value will be realised in the next 12 months.
Stocks can be overbought also, but i reckon PSA is a very good stock to be holding in the next 12 months.
I look at volume. and the biggest days trading would sugguest that it has stabilised some wait. I would be surprised if it dropped below $1.40.
I am watching this one very closely. Only hold small parcel, the graph reminds me of COE in the 40's. Some positive news must come, to get it really turning however.
It does take a lot for Oil/gas companies to come back infavour. ARQ prime example.
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